This morning’s news that the U.S. Justice Department is investigating Quicken Loans for mortgage fraud is very disturbing. There’s a right way to approve and close mortgage loans; Quicken Loans allegedly chose the wrong way.
I understand the pressure to choose the wrong way: I’m always hearing people, usually a real estate agent, but occasionally a prospective client, telling me, “Why can’t you do it? The other mortgage guy can do it!” I don’t bow to that kind of pressure; I never have. I understood a long time ago that to create a long-term career there’s no such thing as cutting corners just to close a loan and earn a commission check. There is only The Right Way to originate and close mortgage loans.
I’m proud of my over 25 years as a Mortgage Professional—and now as a Licensed Mortgage Loan Originator—where I have walked away from situations that I was uncomfortable with. I always had the long-term view; Quicken Loans, as the name implies, allegedly had a shorter-term view of their business model.
And that’s a shame, too, because that kind of behavior stains the reputation of Mortgage Professionals everywhere. Trust is literally our only currency and the behavior of rogue mortgage people and companies who bend the rules, flout the rules and, worst of all, commit blatant mortgage fraud, erode the value of that currency.
Here’s the thing: I learned very early on that, if you study and learn Underwriting guidelines, if you stay current with those guidelines, you can actually help your clients with mortgage financing solutions by OBEYING THE RULES! There are many areas of those guidelines that—in the hands of a capable, honest, ethical and dedicated mortgage professional—will allow many consumers to obtain mortgage financing legitimately. But it requires hard work. That’s The Right Way.
When I hear of mortgage fraud the two words that come to my mind are “greed” and “lazy.” Greed drives the engine to get a loan done at any cost—look at the sub-prime disaster, and now this alleged debacle with Quicken Loans.
Lazy doesn’t drive anything, at all, except a person’s desire to get a result without having to work very hard for it.
For my part, I’ll continue to work hard and choose The Right Way.
Do you have questions? Click on ASK TREVOR and I’ll respond to any and all inquiries, even if you’re not buying a home in New York State.
Check out my Trulia profile HERE
Check out my Zillow profile HERE
Find me on TWITTER: @tcurranmortgage
Happy House Hunting!